BMI View: Germany's large and expanding pharmaceutical market will continue to generate commercial opportunities for drugmakers over the forecast period. While Germany's ongoing economic rebalancing will continue to support robust domestic consumption indices, including in health sector segments, healthcare spending will also be driven by population growth owing to net migration in the medium term. Meanwhile, German economic resilience after the UK's EU referendum vote bodes well for the country's healthcare and pharmaceuticals growth story. However, heightened economic and political risks will remain a key concern for Germany, posing downside risks to our sector forecasts.

Headline Expenditure Projections - Pharmaceuticals: EUR46.50bn (USD50.62bn) in 2015 to EUR46.98bn (USD51.68bn) in 2016; +1.0% in local currency terms and 2.1% in US dollar terms. Forecast revised downwards in local currency terms and upwards in US dollar terms from last quarter. - Healthcare: EUR339.63bn (USD369.76bn) in 2015 to EUR350.32bn (USD385.35bn) in 2016; +3.2% in local currency terms and +4.2% in US dollar terms. Forecast revised upwards from last quarter.

Emerging Business Models Drive Transformation The key objective of this research is to provide in-depth knowledge of the major global pharmaceutical CMO market segments—active pharmaceutical ingredients ...